Friday, June 08, 2007

Marks and Sparks

Once again continuing our exposure of the capitalist fat cats we read that Marks and Spencer chief executive Stuart Rose received £3.6 million in salary and bonuses last year, up 68% on a year ago . Socialist Courier very much doubt whether staff will be receiving a 68% pay rise this year

Rose saw his salary rise from £975,000 to £1.05 million - and was given a £2.6 million cash and shares bonus.
Under a long-term pay plan, he also stands to get the firm's maximum bonus of four times his salary - worth £4.2 million .

M and S's annual report revealed that Mr Rose was in line for a further £8 million in cash and shares if the firm continued to grow profits at 10% or more.

The company also paid bonuses of £1.3 million each to finance director Ian Dyson and head of marketing Steven Sharp on top of their £525,000 salaries .
Paul Myners, the former chairman who stepped down in July 2006, is being provided with a car and driver for two years, even though he is no longer employed by M and S. From August last year to March this year, it has cost £56,245 to ferry Mr Myners around.

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